Frequently Asked Questions
What are liabilities?Liabilities refer to financial obligations, debts or claims owed by an individual or corporation to another party. Liabilities may include any of the following:- loans (e.g. mortgage, student loans, bank loans, car loans)
- credit card balances (e.g. Visa or Mastercard; department store cards)
- taxes owed (e.g. real estate taxes or income taxes)
- child support and other financial obligations
- any miscellaneous amounts that are owed
We will ask about various liabilities in the coming pages.